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Retail Sales Index Hits -36 -- Lowest Since Survey Began

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Capital Economics are getting quoted all over the place now.

Pity they withdrew their HPC foreceasts a year or so before the peak. I think they had dropped back to -5% so have lost credibility.


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Surely, this proves that the UK doesn`t have a -

Manufacturing based economy

Service based economy

Or a Finance based economy

We have (or had) a debt based economy.

Until the debt addict gets another fix, it`s cold turkey.

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Housing market pain grows in June
By Sumeet Desai and Christina Fincher Reuters - 48 minutes agoLONDON (Reuters) - Retail sales fell this month at their fastest pace in at least a quarter century and consumers are finding it increasingly hard to get home loans in a housing market downturn that threatens to derail the economy.
Bank of England data showed mortgage approvals -- loans agreed but not yet made -- fell last month to a third of the number approved a year ago. At 36,000 in June from 41,000 in May, the figure points to further sharp falls in house prices in the coming months.
Retailers are suffering. The Confederation of British Industry's monthly
retail sales balance fell to -36, its weakest since the survey began in 1983
, as sales of white goods, furniture and carpets collapsed.
"Consumers are clearly reining back their spending. And with the data earlier this morning showing that housing market activity is continuing to slump, consumer spending is only likely to weaken further," said Vicky Redwood of Capital Economics.

With credit gone and unemployment rising it is little wonder spending is starting to shut down. Things are turning uglier very rapidly.

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It does not prove any of those things prof at all.

There was also a report out today from the buildings society association that said that deposits for the first half of the year have doubled. It is entirely posible that people have moved from spendors to savers, perparing for worse times ahead.

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  • 401 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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